The Chump Effect
16th November 2020
Last January, a small but telling exchange took place at an Elizabeth Warren campaign event in Grimes, Iowa. At the time, Warren was attracting support from the Democratic Party’s left flank, with her bulging portfolio of progressive proposals. “Warren Has a Plan for That” read her campaign T-shirts. The biggest buzz surrounded her $1.25 trillion plan to pay off student-loan debt for most Americans.
A man approached Warren with a question. “My daughter is getting out of school. I’ve saved all my money [so that] she doesn’t have any student loans. Am I going to get my money back?”
“Of course not,” Warren replied.
“So you’re going to pay for people who didn’t save any money, and those of us who did the right thing get screwed?”
Yup. That’s how it works.